by Renuka Rana
While many people dream of having their own business – one that will change their lives – only a few of them are actually able to turn those dreams into reality. Being a first-time entrepreneur, you’ll have to face many challenges and you’ll be learning as you go.
Here Are 8 Things All First-Time Entrepreneurs Should Know Before Going Ahead
1. Just Go With It
It could be possible that your family and friends doubt the idea to leave high-paying job and start a business. But if you feel it already and the idea consumes your waking moment, you can probably find a way to get the audience, figure out the marketing ways and learn through the tough times.
Trust me, when time gets harder, they will be the one to support you.
TIP: Don’t let anyone let you stop with the idea and don’t keep expectations from anyone from the beginning.
2. Be Honest With Yourself
This should be rule #1 not only in business but in life as well. There are numerous aspects that can impact the ability to be a successful entrepreneur, honesty is one among those. Be honest about your commitments to your business. Don’t fake it. The more honest you are, the better your decisions are. This will make your life simpler in the long run. It takes self-confidence to know and accept your limitations.
TIP: Be honest about your skill sets and plug your weakness.
3. Learn To Say NO More Often
When you were employee, you probably got used to say “YES” to whatever opportunity that came your way. However, this approach may not take you far as an entrepreneur. Your success as an entrepreneur is not dependent on your ability to prove yourself, rather the ability to prioritize many opportunities. Be selfish with your time. Saying “NO” is a powerful skill and entrepreneurship will teach you this skill.
TIP: Learn to say “NO” to thousands of opportunities on your way.
4. Don’t Try To Handle Everything On Your Own
In most cases, entrepreneurs start a business in which they excel. Designers start with a web designing company, CPAs start with an accounting company. Probability is that you may not find people “as good as you.” Running a business is a challenge that you cannot face alone, even if you are the master of the domain.
Tip: Stop wasting time trying to manage everything on your own, start looking for professionals.
5. Decide On ONE Idea To Pursue
If your mind never stops coming up with innovative ideas, it is advisable to just pick one and get started. Whatever idea you choose, make sure you have the enthusiasm and passion for it. What differentiates successful entrepreneurs from others is the capability to make not just the right decisions but take fast decisions.
TIP: Instead of taking multiple ideas and not taking significant step, focus on one and just run with it.
6. Don’t Keep Your Idea A Secret
So you think if you brag about your idea, people will steal it and make millions out of it. This is a stupid misconception among many. The truth is, many people have potential business ideas but most are not able to execute them. And those who have the capability to execute have plenty of ideas of their own. Google came after several search engines. So it’s the execution and not the idea.
TIP: Discussing about your business idea with like-minded people and their guidance can help you in achieving success.
7. People Are Interested In Benefits, Not Features
Most entrepreneurs tend to talk in terms of features and not benefits. As professional experts, they are not accustomed to look at their product from customer’s perspective.
Know The Difference Between The Two:
- Feature: “Storage of 2GB of MP3S”
- Benefit: “10,000 songs in your pocket”
TIP: Using the language your customer understands increases the probability of selling the product.
8. Get Out Of Startup Mode As Early As You Can
Since building a customer base takes time, don’t get stuck in planning phase for too long. Execute and push it out to customers as soon as you can. Waiting for too long could hurt you in the long run.
TIP: Don’t wait until the launch of the product. Build a website and create social media pages to create brand image before the launch.
The road to success for entrepreneurs is long and winding. You can easily get into the game with some skills that will help you with the leads you need.
Achieving efficiency is vital for turning startup into viable venture that would prosper and grow, but obtaining it is far from straightforward. With proper steps, you can find yourself with ample amount of clients and customers to keep your business running.
Renuka Rana, Editor at AceCloudHosting.com, spends considerable part of her time in writing about technology including cloud computing and Smartphones. When not writing, she loves to dig deeper into knowing the best and the latest technology in industry.
tec_estromberg | Courtesy of Renuka Rana